Top Crypto Coin Exchange Hires Steptoe Over ‘False Claims’

United States

12/06/2017

Bloomberg Law

• The world’s biggest bitcoin exchange, Bitfinex, hired law firm Steptoe & Johnson LLP to handle what it called “false claims,” among other things related to a Turkish man’s complaint that he couldn’t swap $1 million of the cryptocurrency “tether” for cash. The convoluted case highlights questions over a vow by Tether, the company behind the digital token “tether,” that the coins are backed by $814 million in cash. There are also questions about Bitfinex’s connection to tether. (Bloomberg) That case comes as online sites that exchange bitcoins and other digital assets look certain to face mounting legal and regulatory challenges in 2018. (Bloomberg Law via BLB)

• All eyes were on Justice Anthony M. Kennedy in yesterday’s U.S. Supreme Court case over a Colorado baker who refused to bake a wedding cake for a gay couple. But the swing-justice didn’t give away which way he’ll land in the clash between Colorado’s anti-discrimination laws and free speech. (Bloomberg via BLB) The case drew crowds of fervent supporters from each side. (Bloomberg Law)

• Google took round one in the gender-pay class action it faced in California, as a San Francisco judge dismissed the case on grounds plaintiffs’ class was too broad, but leaving room for them to amend and refile. (The Recorder)

• Peter Robb, the National Labor Relations Board’s new general counsel, looks ready to steer the agency toward reversing many rulings that expanded workers’ rights during the Obama administration, on a board that recently flipped to Republican control. (Bloomberg Law via BLB)